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Blueprint Medicines (BPMC) Misses on Q3 Earnings & Revenues
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Blueprint Medicines Corporation (BPMC - Free Report) incurred a loss of $2.00 per share for third-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $1.69. The company reported a profit of $11.16 in the year-ago quarter.
Quarterly revenues of $24.2 million missed the Zacks Consensus Estimate of $40.1 million. Sales were significantly down from the year-ago figure of $745.1 million.
Shares of Blueprint Medicines have gained 1.1% so far this year against the industry’s 9.8% decline.
Image Source: Zacks Investment Research
Quarter in Detail
Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to Roche (RHHBY - Free Report) on Jul 1, 2021, Blueprint Medicines only records the share of profit and loss for Gavreto in financial results. Hence, the company’s current product revenues solely comprise sales from Ayvakit (avapritinib).
The company’s total revenues of $24.2 million comprised net product revenues and collaboration revenues. It reported net product revenues of $17.3 million. Collaboration revenues were $6.9 million, primarily generated from the agreements with CStone and Roche.
The company reported a collaboration loss sharing of $3.3 million for Gavreto during the quarter.
Research and development expenses were $84.4 million, up 13.7% from the year-ago figure. This was primarily owing to a decrease in the reimbursement received under the Roche collaboration deal for Gavreto and an increase in costs related to early discovery efforts.
Selling, general and administrative expenses were 49.8 million, up 33.3% year over year on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (brand name of Ayvakit in Europe) as well as Gavreto.
Blueprint Medicines had cash, cash equivalents, and investments worth $1.29 billion as of Sep 30, 2021, marginally lower than $1.38 billion on Jun 30, 2021.
2021 Guidance
Based on product revenue growth and collaboration revenues, the company anticipates total revenues for full-year 2021 in the range of $170-$180 million.
Pipeline Updates
Ayvakit is being evaluated in the phase II PIONEER study for treating non-advanced systemic mastocytosis (SM). Data from the study is anticipated in mid-2022.
We remind investors that Ayvakit received FDA approval for treating unresectable or metastatic gastrointestinal stromal tumor harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults, in January 2020. The drug also received label expansion from the FDA earlier in June to treat advanced SM, a rare and debilitating disease.
Last month, the EMA’s Committee for Medicinal Products for Human Use recommended Gavreto as a monotherapy for the treatment of adult patients with RET fusion-positive advanced non-small-cell lung cancer (NSCLC).
In December 2020, the FDA approved Gavreto (pralsetinib) to treat advanced/metastatic rearranged during transfection (“RET”)-mutant and RET fusion-positive thyroid cancer. In September 2020, the FDA approvedGavreto for the treatment of adults with metastatic RET fusion-positive NSCLC.
Alkermes’s earnings per share estimates for 2022 have increased from $1.21 to $1.27 in the past 60 days. The stock has rallied 45.1% in the year so far.
Regeneron’s earnings per share estimates for 2021 have increased from $54.15 to $62.36 in the past 60 days. The same for 2022 has risen from $44.11 to $46.69 over the same period. The stock has rallied 29.4% in the year so far.
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Blueprint Medicines (BPMC) Misses on Q3 Earnings & Revenues
Blueprint Medicines Corporation (BPMC - Free Report) incurred a loss of $2.00 per share for third-quarter 2021, wider than the Zacks Consensus Estimate of a loss of $1.69. The company reported a profit of $11.16 in the year-ago quarter.
Quarterly revenues of $24.2 million missed the Zacks Consensus Estimate of $40.1 million. Sales were significantly down from the year-ago figure of $745.1 million.
Shares of Blueprint Medicines have gained 1.1% so far this year against the industry’s 9.8% decline.
Quarter in Detail
Since the company has transferred the responsibilities of booking U.S. product sales of Gavreto (pralsetinib) to Roche (RHHBY - Free Report) on Jul 1, 2021, Blueprint Medicines only records the share of profit and loss for Gavreto in financial results. Hence, the company’s current product revenues solely comprise sales from Ayvakit (avapritinib).
The company’s total revenues of $24.2 million comprised net product revenues and collaboration revenues. It reported net product revenues of $17.3 million. Collaboration revenues were $6.9 million, primarily generated from the agreements with CStone and Roche.
The company reported a collaboration loss sharing of $3.3 million for Gavreto during the quarter.
Research and development expenses were $84.4 million, up 13.7% from the year-ago figure. This was primarily owing to a decrease in the reimbursement received under the Roche collaboration deal for Gavreto and an increase in costs related to early discovery efforts.
Selling, general and administrative expenses were 49.8 million, up 33.3% year over year on account of higher costs related to the commercialization of Ayvakit/Ayvakyt (brand name of Ayvakit in Europe) as well as Gavreto.
Blueprint Medicines had cash, cash equivalents, and investments worth $1.29 billion as of Sep 30, 2021, marginally lower than $1.38 billion on Jun 30, 2021.
2021 Guidance
Based on product revenue growth and collaboration revenues, the company anticipates total revenues for full-year 2021 in the range of $170-$180 million.
Pipeline Updates
Ayvakit is being evaluated in the phase II PIONEER study for treating non-advanced systemic mastocytosis (SM). Data from the study is anticipated in mid-2022.
We remind investors that Ayvakit received FDA approval for treating unresectable or metastatic gastrointestinal stromal tumor harboring a PDGFRA exon 18 mutation, including PDGFRA D842V mutations in adults, in January 2020. The drug also received label expansion from the FDA earlier in June to treat advanced SM, a rare and debilitating disease.
Last month, the EMA’s Committee for Medicinal Products for Human Use recommended Gavreto as a monotherapy for the treatment of adult patients with RET fusion-positive advanced non-small-cell lung cancer (NSCLC).
In December 2020, the FDA approved Gavreto (pralsetinib) to treat advanced/metastatic rearranged during transfection (“RET”)-mutant and RET fusion-positive thyroid cancer. In September 2020, the FDA approvedGavreto for the treatment of adults with metastatic RET fusion-positive NSCLC.
Blueprint Medicines Corporation Price
Blueprint Medicines Corporation price | Blueprint Medicines Corporation Quote
Zacks Rank & Other Stocks to Consider
Currently, Blueprint Medicines has a Zacks Rank #2 (Buy). Other top-ranked stocks in the same sector include Alkermes (ALKS - Free Report) and Regeneron (REGN - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Alkermes’s earnings per share estimates for 2022 have increased from $1.21 to $1.27 in the past 60 days. The stock has rallied 45.1% in the year so far.
Regeneron’s earnings per share estimates for 2021 have increased from $54.15 to $62.36 in the past 60 days. The same for 2022 has risen from $44.11 to $46.69 over the same period. The stock has rallied 29.4% in the year so far.